Kraken and Crypto.com belong to crypto exchanges that develop their own stablecoins in response to the new regulatory framework of the EU, which to sharpen the supervision of external issues, Bloomberg News reported on 21 February.
The relocation comes when the markets in the regulation of Crypto-assets (MICA), which came into force in January, introducing stricter compliance measures for Stablecoin emission people who are active on the European market.
Under Mica, all stablecoins declaration as “e-money tokens” (EMTs) and “Activa-referring tokens” (art) must obtain a financial regulator-based financial regulator in legal terms authorization. Publisher must also demonstrate transparency in reserves, maintain stable support with cash and meet strict measures for consumer protection.
Mica has already started reforming the European Stablecoin landscape. Non-conformed stablecoins, including Tether’s USDT and PayPal’s Pyusd, most trade fairs in Europe are forced because they do not meet the new requirements.
The European Securities and Markets Authority (ESMA) established Deadline for trade fairs at the end of March 2025 to remove all unauthorized stablecoins, so that emennin is further under pressure to protect compliance or leave the region.
The reaction of Kraken and Crypto.com
Instead of relying on external stablecoin providers who may have difficulty complying with the rules of Mica, developing Kraken and Crypto.com proactively their own stabile gestures to guarantee compliance with regulations and to maintain operational stability within the EU.
Kraken is said to be planning to launch a Stablecoin supported by the US dollar through his Irish subsidiary, so that it could maintain his European presence without a disturbance.
Crypto.com also develops its own stablecoin, although details about the Fiat support and issue structure are not disclosed. The company recently secured a MICA license of the financial regulator of Malta, making it active in all Member States of the European Economic Area (EEA).
The shift to internal stablecoins is a direct response to the tightening of the regulatory grip on digital assets in Europe. It ensures that stock markets maintain control of their liquidity and transactions rather than trusting external issues of third parties who can be confronted with legal uncertainty.
Clamber
Mica is expected to determine a global precedent for the Stablecoin regulation and will influence the policy outside the EU, also in the US and Asia.
The framework requires that Stablecoin expenditure for fully supported reserves in high-quality liquid assets, offer clear disclosures about interest mechanisms and obtain the direct authorization of an EU member state.
The Regulation also introduces CAPs on large -scale stablecoins of more than € 200 million in daily transactions, which is aimed at reducing systemic risks.
With these requirements in force, many stablecoin mittens have difficulty meet the deadlines of compliance. While Circle has taken steps to coordinate its USDC with Mica, other emptents, including Tether, still have to close the approvals of the regulations.
In the meantime, scholarships position themselves within the new framework. Kucin recently applied for a mica license in Austria, which reflects a broader shift between important platforms to legal coordination.